Lateral Flow Assay Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029

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Lateral Flow Assay Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2029

Status : May, 2021 | Medical Devices

Report Digest

Global Lateral Flow Assay Market – Overview

The high prevalence of infectious diseases globally, rapidly aging population, growing demand for point-of-care testing, and home-based lateral flow assay devices are the major factors driving the growth of this market. In the optimistic scenario, it could be assumed that the COVID-19 pandemic has created a highly positive impact on the overall lateral flow assays market. The lateral flow assays market has been positively impacted by the COVID-19 pandemic, as the need for rapid diagnosis of the coronavirus infection has been the focus since the inception of the pandemic outbreak

Global Lateral Flow Assay Market – Notable Developments

Some of the key developments in the global lateral flow assay market are given below:

  • In September 2020, Abbott Laboratories (US) launched the PanBio COVID-19 immunochromatographic test for rapid qualitative detection of Sars-CoV-2 virus in Europe.
  • In September 2020, F.Hoffman La Roche Ltd. (Switzerland) launched the SARS CoV-2 Rapid Antigen Test in markets accepting the CE Mark.
  • In September 2020, Thermofisher Scientific, Inc. (US)opened a new Bioprocessing Collaboration Center (BCC) in Missouri, US, to bring together its expertise in GMP biologics manufacturing and bioprocessing technologies, including chromatography and analytical tools.

Global Lateral Flow Assay Market – Drivers and Restraints

There are multiple factors that are responsible for the overall development of the global lateral flow assay market. In recent years, in spite of considerable improvements in the field of medicine and sanitation, the worldwide prevalence of infectious disease is still a big problem for mankind. Even though non-communicable diseases are the leading reason of the mortality and morbidity, infectious diseases are still a huge public health concern across the world. As per the National Institute of Allergy and Infectious Diseases, each year, infectious diseases claim over 15 million lives across the globe. All such factors are thus helping to drive the overall development of the global lateral flow assay market in the coming years of the forecast period.

However, there are some factors that might impeded the development of the global market in the near future. One of the key restraining factors for the market growth has been the lower accuracy of these lateral flow assay tests. Even though these lateral flow assay test are easy and economical to perform, they have lower accuracy. These lead to several instances of false negatives. As such, there can be delay in determining the actual cause and effect of the problem. Thus, such things can impede the market development in the coming years of the forecast period.

Global Lateral Flow Assay Market – Geographical Outlook

Based on the regional segmentation, the global lateral flow assay market has been segmented into five key regions. These regions are Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. Of these, currently the global lateral flow assay market is being dominated by the regional segment of North America. The growth of the regional market is projected to provide lucrative growth opportunities because of the presence of numerous large hospitals and healthcare systems, changing resolutions, and the increasing geriatric population in the US. A large majority of international players are also based out in the US, because of which the country has become the center for innovation in the lateral flow assay market. The on-going Covid-19 pandemic has further helped the development of the market as more money was poured in for the research and development activities. All such factors are thus contributing for the overall development of the North America lateral flow assay market.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?